Bank of Russia proposes to allow ‘highly qualified’ investors to buy and sell cryptocurrencies

The Central Bank of Russia announced on March 12 that it was considering allowing a limited number of investors to buy and sell cryptocurrencies. The bank revealed that the suggestion followed President Vladimir Putin’s directive to submit proposals to the government for discussions concerning digital asset regulations in the country. The announcement also mentioned that the bank would allow only ‘highly qualified’ investors to participate in the experiment. 

The central bank proposed establishing a special experimental legal system (EPR) to support the idea, which is supposed to run for three years. Investors who will be allowed to participate in the experiment will be citizens who have deposits and securities that exceed 100 million Rubles or whose income in the past year exceeded 50 million Rubles. 

The Central Bank of Russia also suggested that companies that qualify as investors under the current regulations could participate in the experiment. The bank further suggested creating regulations to oversee financial institutions that wanted to participate in the experiment. The announcement revealed that the regulatory requirements would be based on the type and level of risk associated with the asset the institution wanted to trade. 

The current proposal is not the first time the country has presented the idea of controlled crypto trading in Russia. The Bank of Russia deputy governor Alexey Guznov mentioned in an August 2024 interview that the central bank was discussing the possibility of allowing limited investors to access crypto trading. The Russian Ministry of Finance also mentioned last week that the discussions on the experiment had been ongoing for months. 

EPR to boost transparency in digital assets 

The Bank of Russia will allow limited cryptocurrency purchases for investors! This decision could signal a shift in the country's stance on crypto. #Crypto #Bitcoin

Regulations are still in progress, but this move could have a global impact on the cryptocurrency market. pic.twitter.com/vKjhUKF1Mh

— defihub (@defihub_fi) March 12, 2025

The central bank explained that the EPR would ensure transparency in the cryptocurrency markets. The regulation system will also create standards for how the bank will provide crypto-related services. The bank added that the EPR would expand crypto investment opportunities for pro traders and investors qualified to handle the risks associated with crypto trading. 

The Bank of Russia also highlighted its insistence that privately issued digital assets are not under the control of any government or jurisdiction. The bank pointed out that cryptocurrencies are based on mathematical algorithms, controlled by speculation, and subject to continued volatility. The Russian central bank further noted that investors wishing to invest in crypto should know the risks associated with the investment. 

The announcement still revealed that the bank would not allow any retail crypto-related payments or settlements between individuals using digital currencies. The bank proposed banning crypto settlements among investors outside the experiment and enacting penalties in case of violations. President Putin had previously signed a bill into law in 2022 banning digital asset payments despite the option being introduced earlier.

Bank of Russia pauses on a national Bitcoin reserve

Despite the recent proposal, the Russian Ministry of Finance has confirmed that the country will not be establishing a national strategic Bitcoin reserve. The Deputy Minister of Finance Vladimir Kolychev said on March 4 that the government did not plan to change its National Wealth Fund. Kolychev added that the ministry thought of crypto assets as too volatile, insisting that the savings level in the National Wealth Fund did not allow for the addition of any risky assets. 

The Russian deputy finance minister also pointed out that the fund would maintain its composition of gold and the yuan. Kolychev also mentioned that he had not heard of any discussions by the central bank concerning the establishment of a Bitcoin reserve. The deputy minister added that it was still too early to begin talks about the possibility of including digital assets in the National Wealth Fund.

The government has still been using digital assets for international trade to bypass sanctions established due to its war with Ukraine. Lawyer Alexander Nektorov, however, explained that crypto for international trade was a ‘poor choice,’ saying that blockchain transactions were traceable.

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